Washington Post reports 2Q profit as education, cable TV bolster revenue

The Washington Post Co. turned a 2nd-Q profit , reversing a year-earlier loss as growth in its education & cable TV divs helped offset drops in newspaper, magazine & broadcast revenue. Shares surged. Friday's report indicated the decline in newspaper ad sales might be moderating -- a trend other publs described in the past two weeks as well. Although it offered little comment on the state of the paper business, the flagship newspaper booked a 20% drop in print ad revenue year-over-year, after a 33% fall in the 1st-Q. Unlike other paper publishers that have reported a similar pattern, such as The NYT Co., Gannett & McClatchy, The Post managed a 2nd-Q profit not coming primarily from cutting costs. Instead it relied on other businesses that continue to grow. Its Kaplan education services unit supplies 58% of revenue & cable supplies 17%. Newspapers & mags like Newsweek contribute 19% combined. It earned $12.2M, or $1.30 a share, in the 2nd-Q. That compares to $2.9M loss, or 31